Merger between Star Bulk and Eagle Bulk Shipping finalized.

Star Bulk Carriers Corp. has completed its merger with Eagle Bulk Shipping Inc., resulting in the creation of the largest publicly traded dry bulk shipping company in the United States. The combined company now boasts a fleet of 163 owned vessels with a total capacity of 15.6 million deadweight tons, including various types of vessels ranging from Newcastlemax to Supramax. Each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned, with trading of Eagle common stock on the New York Stock Exchange now having ended.

With approximately 71% of the combined company owned by Star Bulk shareholders and 29% owned by Eagle shareholders on a fully diluted basis, the merger is expected to lead to enhanced scale, a stronger financial profile, and increased technical and commercial capabilities for the new entity. Star Bulk’s CEO, Petros Pappas, expressed enthusiasm for the merger, highlighting the opportunity for growth, improved customer service, and shareholder value creation. Additionally, former Eagle director Gary Weston has joined Star Bulk’s board, while Costa Tsoutsoplides will serve as interim senior advisor to facilitate business integration.

Legal assistance for Star Bulk during the merger was provided by Cravath, Swaine & Moore LLP. The new leadership team at Star Bulk now includes Bo Westergaard, with the company positioned to leverage its expanded fleet and capabilities to make a significant impact in the global dry bulk transportation industry.

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